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We're getting there! How much farther along that path do you want to go?
The US has the highest income inequality of any "Western" nation. Here's a World Bank list of countries, and where they rank on the income-inequality scale. The higher you are on the list, the worse the income inequality. See #51. US ranks just behind (i.e. slightly better than) Cote d'Ivoire, Djibouti, Turkey (where some people still literally live in caves) and Papua New Guinea! We rank just above (i.e. WORSE THAN) Argentina, Haiti, and Turkmenistan! This is where Reaganomics and MAGA have placed us.
Read it and weep: https://www.indexmundi.com/facts/ind....GINI/rankings
LOL! Your rationalization is actually comical. Apparently you worship at the altar of "income equality", but I have no idea why. There are many financial and social issues that are FAR more important than "income equality".
But just to use your own list that you cited above, here are just a few of the countries that are rated as having MORE income equality than the US:
Kenya
Iran
China
Russia
Fiji
Sudan
Sierra Leone
Mongolia
Korea
Iraq
Kazakhstan
Belarus
Ukraine
I suggest that if income equality means so much to you, that you just select one of these paradise countries listed here and move there. I'm sure you would find everything just lovely.
LOL! Your rationalization is actually comical. Apparently you worship at the altar of "income equality", but I have no idea why. There are many financial and social issues that are FAR more important than "income equality".
But just to use your own list that you cited above, here are just a few of the countries that are rated as having MORE income equality than the US:
Kenya
Iran
China
Russia
Fiji
Sudan
Sierra Leone
Mongolia
Korea
Iraq
Kazakhstan
Belarus
Ukraine
I suggest that if income equality means so much to you, that you just select one of these paradise countries listed here and move there. I'm sure you would find everything just lovely.
Why would I move to someplace with more income inequality? I'm voting for less, remember? You, OTOH, apparently are not. " " back atcha.
Actually, I'm a huge fan of Mongolia, though. They're one of the highest achievers in the Covid battle; they're kept their numbers at rock bottom by putting a number of policies and strategies in place, as soon as the first case appeared in the country. They provided masks to everyone, including to the nomadic herders out in the steppes, among other measures taken.
Imagine that; a significant segment of society living without running water, or even 4 solid walls, yurts only, and yet, the country has succeeded in keeping the disease at bay far better than "advanced" nations. It's a very sad commentary on a certain country purporting to be the most powerful in the world, while simultaneously stumbling around in the dark while thousands die daily, and half a million have died thus far.
Actually foreign aid has increased even though the number in poverty has gone down worldwide - we also no longer give significant aid to China. Also to equate reductions to Gingrich is to ignore who was president, Clinton and ignores why there was a drop in the 90s - Clinton & Gingrich together were pushing to eliminating Budget deficits. The actual lowest level was 2001, after Gingrich was no longer speaker (1995-99) so sounds like Clinton/Gore push.
You know little about foreign aid agencies and intelligence gathering methods - lets not pretend otherwise.
The drop in global poverty is mainly due to China. China has been rapidly growing since they were admitted to the WTO. There's a knockoff effect to neighboring countries and resource-rich countries as China moves up the supply chain to source materials and labor from other countries. Foreign aid is just a small amount of the puzzle.
It helps to know about history and its relevance.
The whole discussion about tax rates and incomes is about as trite about burgers and minimum wage. Income can be hidden from taxation. The published tax liabilities don't come close to what was paid. As previously pointed out, the large companies are notorious for using corporate inversions to lie about their incomes. Without exposing the entire income stream and the subsidies, there is really no direct comparison in either argument. It's a waste of time.
OMG! No wonder bridges aren't being repaired, wildfire prevention measures can't be carried out, unemployment benefits have run dry during the Covid crisis, Vet hospitals and clinics are struggling, medical R & D at this crucial time have been cut, Medicaid is not available in some states, and our formerly great country is going down the drain! This is not the way to MAGA! Thank heaven we were able to put a stop to continued severe hatchet jobs done to the federal budget! Hopefully, Congress can do something to stop this phased-in train wreck.
Bookkeeper, tax preparer here. We hear it every year, "why dont I have more money ? You must have prepared the accounting, taxes wrong......! I don't have enough to live on !"
Its the same thing, whether business or personal tax. You reduce expenses or find a way to boost revenue. Same mantra for the last billion centuries. People keep looking for some magic formula.
Actually, I'm a huge fan of Mongolia, though. They're one of the highest achievers in the Covid battle; they're kept their numbers at rock bottom by putting a number of policies and strategies in place, as soon as the first case appeared in the country. They provided masks to everyone, including to the nomadic herders out in the steppes, among other measures taken.
Imagine that; a significant segment of society living without running water, or even 4 solid walls, yurts only, and yet, the country has succeeded in keeping the disease at bay far better than "advanced" nations. It's a very sad commentary on a certain country purporting to be the most powerful in the world, while simultaneously stumbling around in the dark while thousands die daily, and half a million have died thus far.
Yeah... I'm sure it has nothing to do with being the least densely populated country in the world or anything.
Why would I move to someplace with more income inequality? I'm voting for less, remember? You, OTOH, apparently are not. " " back atcha.
Actually, I'm a huge fan of Mongolia, though. They're one of the highest achievers in the Covid battle; they're kept their numbers at rock bottom by putting a number of policies and strategies in place, as soon as the first case appeared in the country. They provided masks to everyone, including to the nomadic herders out in the steppes, among other measures taken.
Imagine that; a significant segment of society living without running water, or even 4 solid walls, yurts only, and yet, the country has succeeded in keeping the disease at bay far better than "advanced" nations. It's a very sad commentary on a certain country purporting to be the most powerful in the world, while simultaneously stumbling around in the dark while thousands die daily, and half a million have died thus far.
I said "Income EQUALITY", not "inequality". All of the countries on my list above have MORE INCOME EQUALITY than the U.S. per the link you provided. Now I'm beginning to understand why you're having trouble with this issue. Reading comprehension seems to be a major stumbling block for you.
You get rid of QE, PPP, and the other asset-buying programs. That will fix the income inequality. The difference between each quintile in household income falls to within 25-30 thousand dollars across the board. You have to be willing to sacrifice a 75 decline in asset prices by getting rid of the props. Just the last two QE's alone by Powell accounted for nearly 2400 points on the S&P 500, not surprising that's tracking to surpass the previous 8 years of QE by 50 percent.
Why in the world would we want to "fix income inequality"?
This is a question that people never really want to answer. We are all just supposed to think it is a given that income equality is bad.
Nobody has ever shown me why income equality is bad. To be quite honest, I wish there was more income inequality and there was more of a meritocracy in place.
I'd rather let people sink. Nobody was there for short-necked giraffes. Why should we be there for the lazy or stupid? It's not my job to make sure people with an IQ of 80 who contribute nothing to the advancement of our species can live in comfort.
In fact, hundreds of years from now when we face a real resource crunch, or meet up with hostile and intellectually superior extraterrestrials, I'll bet most people wish we would have invested more in the 13 year old kid who made a perfect score on his SAT instead of trying to insure equal outcomes for people with wildly different levels of ability.
This is a question that people never really want to answer. We are all just supposed to think it is a given that income equality is bad.
Nobody has ever shown me why income equality is bad. To be quite honest, I wish there was more income inequality and there was more of a meritocracy in place.
I'd rather let people sink. Nobody was there for short-necked giraffes. Why should we be there for the lazy or stupid? It's not my job to make sure people with an IQ of 80 who contribute nothing to the advancement of our species can live in comfort.
In fact, hundreds of years from now when we face a real resource crunch, or meet up with hostile and intellectually superior extraterrestrials, I'll bet most people wish we would have invested more in the 13 year old kid who made a perfect score on his SAT instead of trying to insure equal outcomes for people with wildly different levels of ability.
Very well said.
Income inequality is a GOOD thing.
Wealth inequality is a GOOD thing.
They provide incentives for extraordinary performance and hence contribution to society. In reality, across all of the disciplines - physics, chemistry, medicine, various engineering disciplines, mathematics, economic sciences, other social sciences, literature, fine arts, philosophy, politics, business & commerce, etc - the majority of meaningful contributions to mankind come from a tiny, tiny fraction of extraordinary people. Most of the rest of us are just along for the ride. We need to find a way to encourage those truly extraordinary people via income & wealth inequality - compensate them for extraordinary contributions.
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